WASHINGTON, D.C. (12.14.16) – Savills Studley’s Capital Markets National Hospitality Group, led by Marc Magazine, Tom Baker, Justin Magazine, is pleased to announce that it has arranged the sale of the University Inn, a 95-room hotel at 824 New Hampshire Ave. NW in D.C.’s Foggy Bottom neighborhood. The buyer was Houston-based Westmont Hospitality Group and Varde Partners.
Savills Studley represented the seller, George Washington University, in the transaction. The transaction officially closed on December 8, 2016.
Located just one block from the Foggy Bottom Metro and two blocks from George Washington University and the Kennedy Center, the hotel includes a mix of studios and suites, as well as an on-site restaurant, Notti Bianche, on the ground floor. Built in the early 1960’s and renovated in 1996, George Washington University has owned the property since 1994, and was operated by D.C.-based management company, Modus Hotels. Following the closing of the sale, new ownership plans to complete a renovation project and reposition the hotel as an independent upscale boutique property.
“The University took advantage of the strong interest from national investors in the D.C. market to execute this sale,” Magazine said. “When the renovation is complete, this will bring a unique hospitality experience to the Foggy Bottom area.”
The sale of the George Washington University Inn is one of many significant investment sales arranged by the Savills Studley Hotel Group in the Washington, D.C.-metropolitan area in recent months. The firm recently arranged the sale of the St. Gregory Hotel at 2033 M Street, NW, and the former St. James Hotel at 24th and K Streets NW.
